TCS has a good fourth quarter, better than Infy

Under the International Financial Reporting Standards (IFRS), net income for Q4 grew 7.9 per cent annually to $1,070 million from $992 million in the like period year ago and 5.7 per cent sequentially from $1,012 million quarter ago.

The IT major reported 5.71 per cent quarter-on-quarter and 4.48 per cent year-on-year rise in consolidated net profit at Rs 6,904 crore ($1.05 billion) for the January-March quarter, beating analysts' average estimate of Rs 6,798 crore.

Revenue for the quarter ended December 2017 was Rs 30,904 crore.

"Our EBIT margin estimate for Q4 stands at 25.5 per cent (+30bp QoQ), led by currency benefits". It announced a 1:1 bonus of shares and a dividend of Rs 29 a share, taking the total payout to shareholders at Rs 50 for the year. The company had reported a net profit of Rs 6,531 crore in the sequential quarter ended December 31, 2017 and Rs 6,608 crore in the corresponding quarter a year ago.

"Strong demand in digital services across all industry verticals and large transformational deal wins have made this one of our best fourth quarters in recent years".

TCS shares gained 1 per cent at Rs 3,190.65 on the BSE ahead of the results announcement. Revenue rose to almost $5 billion, a 2% growth sequentially in constant currency (which discounts the impact of cross currency fluctuations) and 11.7% year-on-year growth in reported currency.

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Digital revenue grew 43 per cent in Q4, contributing 24 per cent to the revenue and 35 per cent YoY for the fiscal, accounting for 21 per cent of the revenue.

Gopinathan said TCS' early investments in digital technologies such as cloud, analytics and big data were paying off as the company remained well-positioned to transform clients' businesses. Growth was led by the energy and utilities vertical (up 33.7 per cent), travel and hospitality (25.4 per cent) and life sciences and healthcare (12.6 per cent). "The mUltiple mega-deals that we won this year are evidence that TCS is their preferred partner in such strategically important initiatives", he added. TCS Board approved 1:1 bonus issue.

Significantly, TCS added $1.51 billion in incremental revenue in 2017-18, about twice the $731 million in new business done by Infosys Ltd, the country's second largest IT outsourcing firm.

At the end of March 2018, TCS had 3,94,998 employees, and an attrition rate of 11 percent in IT services. The year as a whole was lacklustre, with constant currency growth at just 6.3%, its second successive year of single digit growth and the slowest in almost seven years.

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